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Profit Warning
May 05, 2007 (LBO) – Emirates, which owns 40 percent of SriLankan Airlines has warned its main shareholder, the Dubai government, that profits of the South Asian associate will fall in 2007. “SriLankan faces another difficult year ahead and unless a solution is found to the ongoing security situation, there may not be a significant […]
Ultimate Aim
May 5, 2007 (LBO) – An amendment effected to the Monetary Law Act in 2002 requires the Central Bank of Sri Lanka to pursue ˜economic and price stability’ as one of the two core objectives of the Bank. The writer is the Deputy Governor of the Central Bank of Sri Lanka This is somewhat a […]
Sri Lankan navy says Tiger boats sunk
COLOMBO, May 5, 2007 (AFP) – Sri Lankan naval craft sank two suspected Tamil Tiger boats off the island’s northeastern coast Saturday, inflicting heavy losses on the guerrillas, a navy official said. Patrol craft engaged a flotilla of the Liberation Tigers of Tamil Eelam (LTTE) off the coast of Pulmoddai and sank two out of […]
Sri Lanka faces worsening fiscal policy and investment risks as conflict intensifies
May 05, 2007 (LBO) – The use of air power by Tamil Tiger guerrillas has raised the stakes in investing in Sri Lanka and prospects of higher defence spending is increasing fiscal risks, analysts said. Sri Lanka needs fiscal discipline and increases in turnover based value added tax (VAT) rates and its base to solve […]
Sri Lanka rupee closes at a record low, stocks edge down amidst war jitters
May 04, 2007 (LBO) – The Sri Lanka rupee closed at a record low against the dollar Friday while stocks edged lower with jittery investors remaining on the sidelines, dealers said. Spot dollar closed at 110.85 rupees, the lowest this year, showing a depreciation of 3.11 percent for the year with the rupee starting at […]
Sri Lanka aims to raid piggy banks as coins rise in value
May 4, 2007 (AFP) – Sri Lankan children are being encouraged to raid their piggy banks in a bid to end a serious shortage of loose change in a country where inflation is making coins worth more than their face value.State-owned banks are offering colour pencils, felt pens, drawing paper and books to children who […]
Watery Depression
May 04, 2007 (LBO) – Heavy rains lashed Sri Lanka’s capital for the second day, putting large areas under water, while the authorities closed part of the main road from Colombo to the south when a section caved in. Weather officials say rain caused by a depression in the Bay of Bengal may continue for […]
New Sked
May 04, 2007 (LBO) – SriLankan Airlines is re-scheduling all its flights ahead of the closure of Colombo airport during the night, the airline said Friday. “Following discussions with the Ministry of Ports and Aviation and the Department of Civil Aviation, SriLankan Airlines will be rescheduling its flights to operate between 5.00 am and 9.00 […]
Wireless Chase
May 04, 2007 (LBO) – The race to buy the fixed wireless operator Suntel has narrowed down to four contenders, with an Indian telecom firm expecting to conduct due diligence on the Sri Lankan operator soon. Originally seven firms were in the running to buy Suntel, a unit of Sweden’s Telia. “In the short-list there […]
Liquidity Search
May 04, 2007 (LBO) – Malaysia Telekom is looking to increase the liquidity of its Sri Lanka unit’s stock, by selling down a small part of its majority stake in Dialog Telekom, the largest mobile operator in the island. “We are constantly looking at all possible options to strengthen the performance of Dialog Telekom,” Malaysia […]